Looks like you finally pulled back the curtain and are seeing what some of us on this site have been talking about since most of the bottom callers starting flooding the site in the spring. I have had this quote on the wall in my office for 2 years now because I am afraid that we are choosing the worst case scenario.
If you think most of us are happy about this crisis and what lies ahead you are incorrect. The damage we are going to go through will have a material impact on all of us and there isn’t much we can do about it except try and preserve some capital. I have only spent time commenting on this site because here there were people that at least were open to listening to the difficult facts. If I could save 1 or 2 people from making a large financial mistake I was happy to do it. I found that family and friends weren’t willing to listen and it was a waste of my time to tell them otherwise. The quote is below.
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
-Ludwig von Mises
And I will say again what I have been saying since I have been on this site; Your goal and strategy should be wealth preservation and saving. Buying a house or any other large illiquid asset at this time is exposing yourself to serious financial pain. Cash is king right now.
